It does not take much exposure to reasonable opposition to western actions on the war in ukraine to hear things such as: "The russian ruble is stronger now than it was years ago-The sanctions hurt the west more than they hurt russia". the analysis these anti-war people have been giving is that the economic sanctions are a joke, that they are save facing and don't change practical reality, or that they are extreme and unhinged (in the case of destroying private property rights). and their prediction is that the west will feel more economic pain than russia, and that the sanctions will not stop russia.
Now for the first time you see mainstream news admitting this analysis. here is the article: "edition.cnn.com/2022/06/26/business/russia-oil-sanctions-g7/index.html"
and here are a few highlights:
> Europe and the United States have barred the import of Russian oil to cut off a crucial revenue source for the Kremlin. But the plan to pile pain on President Vladimir Putin, forcing him to reconsider his war in Ukraine, hasn't worked.
> Russia is making just as much money from energy exports as it was before it invaded in late February. Meanwhile, inflation is surging globally, adding to political pressure on leaders such as US President Joe Biden, British Prime Minister Boris Johnson and French President Emmanuel Macron.
> Several measures are being discussed, from price caps on Russian energy imports, centralized purchasing by the European Union, insurance bans on ships and targeting countries that continue to buy from Moscow. They all have downsides, and some could push prices even higher — risking popular support for the West's resolve to punish Putin.
> "There are tools available to go harder after Russia, but they come with significant costs directly to consumers in the US and Europe," said Robert Johnston, an adjunct senior research scholar at the Columbia Center for Global Energy Policy.
> Imposing sanctions on countries that continue to scoop up large volumes of Russian crude oil, including China and India, would wreak havoc on global markets that are already under severe strain. And while Treasury Secretary Janet Yellen recently said the United States wants to discuss a cap on the price of Russian oil, such a complex mechanism may not be the fix the West is looking for.
> Russian oil exports to Europe dropped to 3.3 million barrels per day in May, falling by 170,000 barrels per day compared to the previous month, according to the International Energy Agency.
> But an uptick in exports to Asia helped make up for a large chunk of those losses. China — taking advantage of huge price discounts — saw its imports reach 2 million barrels per day for the first time. India's imports have also spiked, hovering near 900,000 barrels per day in May.
> Russia is selling barrels of its Urals crude for about $35 cheaper than the Brent global benchmark, which was last trading near $113 per barrel. But because prices are up sharply this year due to the aftershocks of the pandemic and the war, they've still been making tons of money.
> To make it harder for China, India and other countries to keep importing Russian oil, Europe intends to phase in a ban on insuring ships that carry Russian crude. If the United Kingdom joins in, as expected, that would deal a blow to the global system for transporting fuel, given the dominance of the Lloyd's of London insurance market. The Biden administration is nervous the measure will cause prices to soar.
> But such a move would generate so much turmoil that experts view it as unlikely — especially given the growing political blowback leaders in the West face over the fastest price increases in decades.
> If China and India had to find replacement barrels, the price of oil could easily top $200 per barrel, according to Darwei Kung, portfolio manager for commodities at DWS.
> "It's hard to see a world where the US puts [such] sanctions on Iran and Venezuela and Russia at the same time," Johnston said. "The oil has to come from somewhere."
You should read the entire article to get a better picture, it is a long article and it goes over multiple things. but the conclusion remains clear. Russia is raking in the dough, and the only way that you could stop that is if you sanction BOTH india and china, the two biggest countries in terms of population and two of the top economies.
It seems that the west has dropped the ball, their characterization of russia as "a gas station masquerading as a country" is incorrect, but in their arrogance they have overplayed their hand, and now they are going to pay for it.
Now for the first time you see mainstream news admitting this analysis. here is the article: "edition.cnn.com/2022/06/26/business/russia-oil-sanctions-g7/index.html"
and here are a few highlights:
> Europe and the United States have barred the import of Russian oil to cut off a crucial revenue source for the Kremlin. But the plan to pile pain on President Vladimir Putin, forcing him to reconsider his war in Ukraine, hasn't worked.
> Russia is making just as much money from energy exports as it was before it invaded in late February. Meanwhile, inflation is surging globally, adding to political pressure on leaders such as US President Joe Biden, British Prime Minister Boris Johnson and French President Emmanuel Macron.
> Several measures are being discussed, from price caps on Russian energy imports, centralized purchasing by the European Union, insurance bans on ships and targeting countries that continue to buy from Moscow. They all have downsides, and some could push prices even higher — risking popular support for the West's resolve to punish Putin.
> "There are tools available to go harder after Russia, but they come with significant costs directly to consumers in the US and Europe," said Robert Johnston, an adjunct senior research scholar at the Columbia Center for Global Energy Policy.
> Imposing sanctions on countries that continue to scoop up large volumes of Russian crude oil, including China and India, would wreak havoc on global markets that are already under severe strain. And while Treasury Secretary Janet Yellen recently said the United States wants to discuss a cap on the price of Russian oil, such a complex mechanism may not be the fix the West is looking for.
> Russian oil exports to Europe dropped to 3.3 million barrels per day in May, falling by 170,000 barrels per day compared to the previous month, according to the International Energy Agency.
> But an uptick in exports to Asia helped make up for a large chunk of those losses. China — taking advantage of huge price discounts — saw its imports reach 2 million barrels per day for the first time. India's imports have also spiked, hovering near 900,000 barrels per day in May.
> Russia is selling barrels of its Urals crude for about $35 cheaper than the Brent global benchmark, which was last trading near $113 per barrel. But because prices are up sharply this year due to the aftershocks of the pandemic and the war, they've still been making tons of money.
> To make it harder for China, India and other countries to keep importing Russian oil, Europe intends to phase in a ban on insuring ships that carry Russian crude. If the United Kingdom joins in, as expected, that would deal a blow to the global system for transporting fuel, given the dominance of the Lloyd's of London insurance market. The Biden administration is nervous the measure will cause prices to soar.
> But such a move would generate so much turmoil that experts view it as unlikely — especially given the growing political blowback leaders in the West face over the fastest price increases in decades.
> If China and India had to find replacement barrels, the price of oil could easily top $200 per barrel, according to Darwei Kung, portfolio manager for commodities at DWS.
> "It's hard to see a world where the US puts [such] sanctions on Iran and Venezuela and Russia at the same time," Johnston said. "The oil has to come from somewhere."
You should read the entire article to get a better picture, it is a long article and it goes over multiple things. but the conclusion remains clear. Russia is raking in the dough, and the only way that you could stop that is if you sanction BOTH india and china, the two biggest countries in terms of population and two of the top economies.
It seems that the west has dropped the ball, their characterization of russia as "a gas station masquerading as a country" is incorrect, but in their arrogance they have overplayed their hand, and now they are going to pay for it.
